Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 14): The FBM KLCI put warrants were the top gainers in early trades on Bursa Malaysia as the FBM KLCI slipped in line with regional markets, hammered by the weak close of Wall Street, weaker broader market sentiment and plunging crude oil prices.

The FBMKLCI-HK, the third top active counter on Bursa, rose 4 sen or 25% to 20 sen with 16.69 million units done.

The FBMKLCI-HS, one of the top 10 gainers this morning, rose 9 sen or 20.69% to 52.5 sen with 25,000 units traded.

The FBMKLCI-HX increased 9 sen or 17.65% to 60 sen with 456,300 units done, while the FBMKLCI-HT rose 7 sen or 31.82% to 29 sen with 180,600 units traded.

Meanwhile, the FBMKLCI-H3 rose 4.5 sen or 6.52% to 73.5 sen with 1.12 million units done.

Structured put warrants allow investors to hedge against downward movements in the market and profit from it.

At 10.22am, the FBM KLCI had dropped 0.71% or 11.66 points to 1,628.48 points, the lowest since Oct 2, data from Bloomberg showed.

Stocks across the Asian region fell after Wall Street sank amid plunging crude oil prices as investors eye an expected US rate hike by the Federal Reserve later this week, Reuters reported.

Encouraging Chinese data did little to assuage global sentiment amid crude oil prices, which plunged to a seven-year low.

Bloomberg's monthly China gross domestic product tracker picked up to a 6.85% estimated growth pace for November, the best reading since June, after reports of industrial production, retail sales and fixed-asset investment on Saturday all exceeded forecasts, JF Apex Research said in a note today.

The January futures contract for WTI crude oil is currently trading 23 cents lower at US$35.39 per barrel while Brent crude oil's January 2016 contract is down 31 cents at US$37.62 per barrel.

According to JF Apex Research in a note today, following the negative sentiment in global markets, the FBM KLCI is expected to extend its selldown towards the support level of 1,635 points.

 

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